I noticed that my credit score dropped by sixty points (!) because the incompetent bastages at Chase ERRONEOUSLY reported late payment / nonpayment for my "scheduled" home mortgagae payment.

FACT: The week before the March 2018 payment was due, I paid the total outstanding balance on the mortgage. There were about three payments left, so I just paid the whole thing, to get it over with.

Chase evidently mis-handled my check and submitted a negative report to at least one, possibly all three, credit reporting services.

I owe nothing, repeat: NOTHING on my home mortgage. Actually, it appears that I overpaid by just a tiny bit, less than two dollars, and Chase should send me a refund check.

Incompetent bastages.

I closed some accounts, lowered my credit limit on others. My credit score went down a fair bit. I realize other things are tied to it, don’t plan on any borrowing anyway.

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Originally posted by sourdough44:
I closed some accounts, lowered my credit limit on others. My credit score went down a fair bit. I realize other things are tied to it, don’t plan on any borrowing anyway.

This happened to me as well. A few years ago my rating was in the low 800's, and now it's at around 760. After investigating I found out the reason was that I have no debt and pay off my credit cards and carry no balances. Geesh!!

Jim

Edit: After posting this, I thought I would check my score through Chase because I have a credit card with them. 819. Go figure. I have done nothing that would cause this change that I know of. I used the card on a short trip, but paid it off before interest kicked in.

Same thing here. We have not had any debt since the wife paid off our home mortgage a year before I retired, 25 years ago.

Strange thing, to me anyway, was when we bought my new car back in 2011, we told the dealership that we would pay cash for it. They insisted that they had to go through a credit check anyway! I started to get "excited" but the Mrs calmed me down (a little).

AIR, our credit rating came back at something around 860. We use our only credit card for a lot of purchases as we get some kind of payback which means we come out ahead. We have a not cost credit card through our credit union.

If some idiot at a bank, like JP Morgan, screwed up our credit score, I can assure everyone that we would instantly close all accounts there.

We have several accounts at our credit union, every one of them are "deposits".

No, the credit score did NOT go down because the account was closed.

It went down because Chase / JP Morgan actually reported a late payment! THERE WAS NO PAYMENT DUE, because the mortgage had been paid off.

I did not owe a payment, there was nothing due, but the bastages reported a late payment.

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Originally posted by V-Tail:
No, the credit score did NOT go down because the account was closed.

It went down because Chase / JP Morgan actually reported a late payment! THERE WAS NO PAYMENT DUE, because the mortgage had been paid off.

I did not owe a payment, there was nothing due, but the bastages reported a late payment.

Have you talked to them yet? If so, have they said that they will make it right?

Jim

Challenge it. I think you need to do this through the credit bureaus. Send them your evidence, and they should remove the late payment report.

quote:

Originally posted by V-Tail:
No, the credit score did NOT go down because the account was closed.

It went down because Chase / JP Morgan actually reported a late payment! THERE WAS NO PAYMENT DUE, because the mortgage had been paid off.

I did not owe a payment, there was nothing due, but the bastages reported a late payment.

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Challenge it.

Like, yesterday.

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I think you need to do this through the credit bureaus. Send them your evidence, and they should remove the late payment report.

Chase has 30 days to prove they are in the right, or the ding must be taken off.

At your age, why worry about credit score?

Look at the bight side now you have money to pay cash.
Nothing to worry about unless you are competing for another loan.

Screw Chase Bank. I tried to change a one hundred dollar bill into smaller bills and was refused because I didn't have an account there.

I did have a car loan at that bank until a year ago when it was paid off and sold back to VW. But, that didn't matter as I did not have a current Chase account.

Did you follow through with the suggestions the forum made when you went in to pay off your? If not, are you now wishing you had?

Go online and file a complaint with the CFPB. Most banks have a policy to contact the client within 48 hours of a complaint being received. They will call it the Office of The President or some crap like that. Be polite as the person you speak to will probably be the same to resolve your complaint on the back end.
If your account was paid off, this will probably require simple research on the banks end and be resolved within a few days. It may take up to 90 days to reflect on your credit score though, depending on the bank.
I handled this exact same issue in my position for over a year at another one of the monster global banks.

They'll probably initiate foreclosure soon.

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Originally posted by OKCGene:
They'll probably initiate foreclosure soon.

I need to check with the county recorder's office, or whatever it's called, to confirm that the mortgage payoff is recorded there.

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Originally posted by V-Tail:

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Originally posted by OKCGene:
They'll probably initiate foreclosure soon.

I need to check with the county recorder's office, or whatever it's called, to confirm that the mortgage payoff is recorded there.

Keep track of your time spent on this and send the bank a bill for your time. I know I would.

Jim

quote:

Originally posted by Jimbo54:

quote:

Originally posted by V-Tail:

quote:

Originally posted by OKCGene:
They'll probably initiate foreclosure soon.

I need to check with the county recorder's office, or whatever it's called, to confirm that the mortgage payoff is recorded there.

Keep track of your time spent on this and send the bank a bill for your time. I know I would.

I too, am a "Crusty Old Curmudgeon." I can certainly drop an invoice to them, but the probability of actually receiving any payment is something less than 0.00000000001.

My bet is that a call to Chase mortgage will clear that up in about 30 seconds. In any case, let us know.

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Originally posted by 12131:
At your age, why worry about credit score?

Yep.

While in your case I would tell Chase to fix it, I’m also old enough now that I don’t care too much about my credit score.

I recently had a dispute with a medical lab. They performed an expensive test without getting the ok from my insurance company. When the insurance company wouldn’t pay, the lab wanted me to pay. I told them it was their screw up and I wasn’t paying.

They sent it to a collection agency. When they called me, I told them to go pound sand. They reported it as a bad debt and my score went down 50 points. I’m not buying a new house and have no plans to buy a new car, so I don’t care.

quote:

Originally posted by Elk Hunter:

Strange thing, to me anyway, was when we bought my new car back in 2011, we told the dealership that we would pay cash for it. They insisted that they had to go through a credit check anyway! I started to get "excited" but the Mrs calmed me down (a little).

I had the same thing happen...told the salesperson and sales mgr. I was paying cash for our new CX-5 and so did not want them to run any kind of credit check. They said, No problem..but then when I went into the Business Office to do the paperwork, I was told they ran the check and all was fine. Like you, I got a little politely "excited" and was told they had to do it "to make sure you are who you say you are." Didn't make sense then, doesn't make sense now. I had cash, a driver's license, and proof of insurance...I don't know how much more identity proof they need.

I went through with it because I'd negotiated a good deal, but I've not been back for service and I've warned a few other prospective folks from them. Their little stunt has potentially cost them far more profit than they ever made from my sale.